The Indian Hotels Company Ltd's consolidated revenue for Q2FY19 came in at Rs964.5cr, up 13.3% yoy. Operating profit for the quarter came in at Rs99.2cr, up 81.8% yoy, while the operating EBITDA margin expanded ~388bps yoy to 10.3% in Q2FY19. The adjusted net loss attributable to owners in Q2FY19 narrowed down to Rs5.2cr as against a net loss of Rs57.7cr in Q2FY18. The revenue, EBITDA, and adjusted net profit were in-line with the consensus estimates.
• Indian Hotels (IHCL) has signed 15 new hotels in H1FY19 (1,825 rooms) resulting in a 90% growth in pipeline on a yoy basis.
• IHCL witnessed an increase in RevPAR by 8.1% yoy (Industry RevPAR growth at 3.7%) during H1FY19, which is seasonally a slow period for the domestic hospitality industry. This increase was driven by growth in the industry and market share gains by the company's brands. The occupancy rose ~3.5% yoy to 63%, whereas ARR increased 2% yoy to Rs7,573, during H1FY19. The occupancy including International hotels stood at 64%.
• The consolidated net debt/equity of the company has risen to 0.5x as on September 30, 2018, as against 0.45x as on March 31, 2018.
• IHCL has an inventory of 17,360 rooms as on November, 2018.
• The EBITDA margin expansion is on account of an increase in RevPAR and cost optimization.
• Finance cost reduced significantly by 35% yoy to Rs46.7cr in Q2FY19. This led to narrowing down of net loss as compared to the previous period.
• Other incomes stood at Rs16.6cr in Q2FY19 vs Rs12.5cr in Q2FY18.
• There was a reversal of deferred tax during the quarter of Rs24.2cr, resulting into narrowing down of net loss as compared with previous period.
• The share of profit of associates includes gains (to the extent of IHCL’s share) on sale of a hotel property by Oriental Hotels Ltd of ~Rs101cr during the quarter.
• The exceptional item for the quarter include loss on change in fair value on cross currency swap derivative contracts for the quarter of Rs46.3cr.
Indian Hotels Co Ltd ended at Rs130.75, up 0.4 points, or 0.31%, from its previous close of Rs130.35 on the BSE. The scrip opened at Rs131.60 and touched a high and low of Rs131.95 and Rs130, respectively. A total of 6,30,287 (NSE+BSE) shares were traded on the counter. The stock traded below its 200-DMA.
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